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DEXUS — Annual Report 2024
Aug 19, 2024
64807_rns_2024-08-19_4038103c-40d5-484d-bf70-d579283fa726.pdf
Annual Report
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Dexus (ASX: DXS) Appendix 4E
Results for announcement to the market
Dexus
ARSN 648 526 470
Financial reporting for the year ended 30 June 2024
| Dexus ARSN 648 526 470 Financial reporting for the year ended 30 June 2024 |
|||
|---|---|---|---|
| Dexus Property Trust1 | |||
| 2024 | 2023 | % | |
| $m | $m | Change | |
| Revenue from ordinary activities | 902.2 | 848.4 | 6.3 % |
| Statutory net loss attributable to security holders after tax | (1,583.8) | (752.7) | (110.4) % |
| Funds from operations (FFO)2 | 703.4 | 738.5 | (4.8) % |
| Underlying FFO3 | 693.1 | 688.3 | 0.7 % |
| Adjusted funds from operations (AFFO)⁴ | 516.3 | 555.0 | (7.0) % |
| Distribution to security holders | 516.3 | 555.0 | (7.0) % |
| CPS | CPS | ||
| FFO per security2 | 65.4 | 68.7 | (4.8) % |
| AFFO per security4 | 48.0 | 51.6 | (7.0) % |
| Distribution per security for the period ending: | |||
| 31 December | 26.7 | 28.0 | (4.6) % |
| 30 June | 21.3 | 23.6 | (9.7) % |
| Total distributions | 48.0 | 51.6 | (7.0) % |
| Payout ratio (distribution per security as a % of AFFO) | 100% | 100% | — % |
| Basic earnings per security | (147.3) | (70.0) | (110.4) % |
| Diluted earnings per security | (147.3) | (70.0) | (110.4) % |
| Franked distribution amount per security | 3.7 | 4.6 | (19.6) % |
| $m | $m | ||
| Total assets | 15,822.4 | 18,471.7 | (14.3) % |
| Total borrowings | 4,909.6 | 5,309.7 | (7.5) % |
| Security holders equity | 10,164.8 | 12,264.3 | (17.1) % |
| Market capitalisation | 6,969.7 | 8,389.4 | (16.9) % |
| $ per security | $ per security | ||
| Net tangible assets | 8.97 | 10.88 | (17.6) % |
| Securities price | 6.48 | 7.80 | (16.9) % |
| Securities on issue | 1,075,565,246 | 1,075,565,246 | |
| Record date | 28 Jun 2024 | 30 Jun 2023 | |
| Payment date | 29 Aug 2024 | 30 Aug 2023 |
Details of joint ventures and associates
| Details of joint ventures and associates | |
|---|---|
| Ownership interest | |
| 2024 2023 2024 2023 % % $m $m |
|
| Name of entity | |
| Dexus Office TrustAustralia(DOTA) | 50.0 50.0 1,715.9 2,159.7 |
| Dexus 80C Trust | 75.0 75.0 991.4 1,177.1 |
| Dexus Martin Place Trust | 50.0 50.0 832.4 919.0 |
| Dexus Australian Logistics Trust (DALT) | 51.0 51.0 731.5 730.1 |
| Dexus Australian Logistics TrustNo.2(DALT2) | 51.0 51.0 580.7 584.6 |
| BentStreetTrust | 33.3 33.3 338.3 378.3 |
| Dexus Wholesale Australian PropertyFund(DWAPF) | 25.0 18.9 323.4 319.8 |
| JandakotCityHoldings Trust (JCH) | 33.4 33.4 318.0 317.8 |
| Dexus 480QHoldingTrust | 50.0 50.0 316.8 357.1 |
| AAIG HoldingTrust | 49.4 49.4 315.8 326.6 |
| Dexus Industrial TrustAustralia(DITA) | 50.0 50.0 299.8 301.7 |
| Dexus Healthcare PropertyFund(DHPF) | 16.1 16.4 219.8 241.3 |
| Dexus Kings Square Trust | 50.0 50.0 211.2 231.5 |
| Dexus Industria REIT(DXI) | 17.5 17.5 181.8 193.0 |
| Dexus Australian Logistics TrustNo.3(DALT3) | 51.0 51.0 134.5 125.6 |
| Dexus CommunityInfrastructure Fund(COMMIF) | 9.3 5.1 128.1 73.1 |
| Dexus Wholesale ShoppingCentre Fund(DWSF) | 5.3 — 123.8 — |
| Dexus Diversified Infrastructure Trust (DDIT) | 5.1 — 102.7 — |
| Dexus Eagle StreetPier Trust | 50.0 50.0 102.5 53.1 |
| Other | 637.1 560.6 |
| Total assets - investments accounted for using the equity method 8,605.5 9,050.0 |
Distribution Reinvestment Plan (DRP)
As announced on 13 December 2010, the DRP has been suspended until further notice. As a consequence, the DRP will not operate for this distribution payment.
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1 For the purposes of statutory reporting, the stapled entity, known as DXS, must be accounted for as a consolidated group. Accordingly, one of the stapled entities must be the “deemed acquirer” of all other entities in the group. Dexus Property Trust has been chosen as the deemed acquirer of the balance of the DXS stapled entities, comprising Dexus Operations Trust and its consolidated entities.
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2 The Directors consider the Property Council of Australia’s (PCA) definition of FFO to be a measure that reflects the underlying performance of the Group. FFO comprises net profit/loss after tax attributable to stapled security holders, calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of impairments, derivative and foreign exchange mark-to-market impacts, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses, certain transaction costs, one-off significant items, amortisation of intangible assets, movements in right-of-use assets and lease liabilities, rental guarantees and coupon income.
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3 Underlying FFO excludes trading profits (net of tax).
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4 AFFO in accordance with guidelines provided by the Property Council of Australia (PCA): comprises net profit/loss after tax attributable to stapled security holders calculated in accordance with Australian Accounting Standards and adjusted for: property revaluations, impairments and reversal of impairments, derivative and foreign exchange mark-to-market impacts, fair value movements on financial assets held at fair value through profit or loss, fair value movements of interest bearing liabilities, amortisation of tenant incentives, gain/ loss on sale of certain assets, straight line rent adjustments, non-FFO tax expenses, certain transaction costs, one-off significant items, amortisation of intangible assets, movements in right of use assets and lease liabilities, rental guarantees and coupon income, less maintenance capital expenditure and lease incentives.
Authorised by the Board of Dexus Funds Management Limited.
For further information please contact:
Media
Investors Media Rowena Causley Luke O’Donnell Head of Listed Investor Relations Senior Manager, Media and Communications +61 2 9017 1390 +61 2 9017 1216 +61 416 122 383 +61 412 023 111 [email protected] [email protected]
About Dexus
Dexus (ASX: DXS) is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $54.5 billion. The Dexus platform includes the Dexus investment portfolio and the funds management business. We directly and indirectly own $14.8 billion of office, industrial, retail, healthcare, infrastructure and alternatives. We manage a further $39.7 billion of investments in our funds management business which provides third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering performance and benefit from Dexus’s capabilities. The platform’s $16.1 billion real estate development pipeline provides the opportunity to grow both portfolios and enhance future returns. We believe that the strength and quality of our relationships will always be central to our success and are deeply connected to our purpose: Unlock potential, create tomorrow. Our sustainability approach is focused on the priority areas where we believe we can make significant impact: Customer Prosperity, Climate Action and Enhancing Communities. Dexus is supported by more than 37,000 investors from 23 countries. With four decades of expertise in real estate and infrastructure investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering returns for investors. www.dexus.com
Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 30, 50 Bridge Street, Sydney NSW 2000